GLB Glenborough

Glenborough Realty Trust (NYSE:GLB)(NYSE:GLB.PrA) through one of its joint ventures, sold 2000 Corporate Ridge, a 256,000 square foot class "A" single-tenant office building in McLean, Virginia for $79.1 million. The venture purchased the property in December 2000. Glenborough's share of the gain from the June sale was approximately $10.0 million and the venture generated an internal rate of return in excess of 20% to all investors. The sale was prompted by multiple expansions and a lease extension by the major tenant which converted the formerly multi-tenant building to a single tenant property. Andrew Batinovich, President and Chief Executive Officer commented, "Hopefully the success of this venture will aid us in growing our joint venture business, which is an important part of our growth going forward. We also believe this sale and its 5.9% cap rate shows the value in our Washington, D.C. portfolio, which at 27% of our net operating income, is our largest market." Glenborough is a REIT which is focused on owning high quality, multi-tenant office properties concentrated in Washington D.C., Southern California, Northern New Jersey, Boston and Northern California. The Company has a portfolio of 45 properties encompassing approximately 8 million square feet as of March 31, 2006. FORWARD LOOKING STATEMENTS: Certain statements in this press release are forward-looking statements within the meaning of the federal securities laws including without limitation statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, performance or products, underlying assumptions, and other statements which are other than statements of historical facts. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends", "plans," "anticipates," "contemplates," "believes," "estimates," "predicts," "projects," "potential", "continue," and other similar terminology or the negative of these terms. These forward-looking statements include, without limitation: -- The impact of the outcome of the 2000 Corporate Ridge joint venture on the growth and/or success of future Glenborough joint venture initiatives; -- The importance of the future Glenborough joint venture business to any future company growth; -- The usefulness of the application of the 2000 Corporate Ridge sale's cap rate and related information on the valuation of other Glenborough real property assets in its Washington, D.C. portfolio. Because these forward-looking statements involve risk and uncertainty, there are important factors that could cause our actual results to differ materially from those stated or implied in the forward-looking statements. These important factors include: -- Our ability or inability to identify and enter into suitable joint venture investments; -- The impact of our past joint venture activity upon potential joint venture partner decisions and strategies; -- What factors will impact third party valuation of the Glenborough Washington, D.C. portfolio, and how such factors will vary over time in response to local and/or national real property market conditions. Given these uncertainties, readers are cautioned not to place undue reliance on such statements. All forward-looking statements are based on information available to us on the date hereof and we assume no obligation to update or supplement any forward-looking statement. Additional information concerning factors that could cause results to differ can be found in our filings with the SEC including our report on Form 10-K for the year ended December 31, 2005, and our quarterly reports on forms 10-Q for the periods ended June 30, 2005, September 30, 2005 and March 31, 2006.